U.K. based Cometa Wireless Gaming Systems Raises £1M

Sheffield-based early-stage mobile phone gaming and communications venture announces its first public round of investment, totalling £1 million.

Cometa Wireless Gaming Systems today concluded its first external round of equity investment, totalling £1 million. The investment values the business, post money, at £2 million.

The principal investor is Mfusion, the successful mobile phone gaming and gambling enterprise. Other investors include a consortium of business angels led by Dr Tony Marchington former founder and CEO of Oxford Molecular Group PLC. Dr Marchington now becomes chairman of the board of directors.

Alongside the investment, the company is also rebranding. Cometa Games now becomes Cometa Wireless Gaming Systems.

Cometa was established in 2004 by CEO Robert Anderson to exploit the rapidly developing worldwide market for casino style games offering prizes.

Cometa Wireless products are based on Arcadia™ , new patented technology invented by Cometa's founders. Arcadia ™ provides a means of greatly accelerating the communication between a mobile phone and the company’s servers. This allows casino style games to be played securely, in real-time on today’s typical mobile handsets and networks - with the same look, feel and response of a high performance slot machine. Arcadia ™ technology provides Cometa Wireless with the most realistic, secure and advanced mobile phone casino environment yet devised.

Cometa’s portfolio of games include: Blackjack, Joker Poker, Casino Roulette, Cops and Robbers (slot machine), Adders & Ladders (slot with progressive jackpot), and Bingo.

The company is in late stage negotiations with a number of the world’s largest mobile phone gaming and gambling leisure operators concerning selected distribution arrangements.

As well as more casino style applications, the company is also developing a range of Prize Game products where end-users win points, which can either be surrendered immediately or collected over time, then redeemed for prizes such as music downloads, iPods etc.

Cometa Wireless also offers bespoke engineering services to facilitate white label versions of the products; the company's target market includes mobile network operators, bookmakers, casino owners, aggregators and mobile property owners.

The worldwide market for Cometa Wireless products and services is currently estimated to be worth over $2billion of which $950 million (48%) is derived from Europe. The mobile gambling market is set to rise rapidly through to 2011 where mobile gambling, in terms of total wagers placed per year, will reach $23bn (Source: Juniper Research Gambling on Mobile III, 2006).

Cometa Wireless is projecting revenues rising from £250,000 in 2007 to £6.8 million by 2011.

Source: Press Release

05/14/2007